Shifting expenses for year-end planning

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. While many strategies exist, and tax planning should be highly customized to your individual situation, let’s broach one particular strategy: shifting expenses as a …

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Franchisor accounting for advertising funds

In addition to royalties, most franchisors will collect amounts from franchisees for brand marketing and advertising. Typically, these are set as a percentage of sales for each franchisee. The franchisor has control over the collection and the spending of the advertising funds, which should be used for the overall promotion of the restaurant brand that …

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New SBA guidance for forgiveness of PPP loans of $50,000 or less

On October 8, 2020, the SBA jointly with Treasury issued an interim final rule providing additional guidance concerning the forgiveness and loan review process for PPP loans of $50,000 or less. The interim final rule should result in a simpler forgiveness and loan review processes for loans of $50,000 or less by exempting the borrower …

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CARES Act and qualified improvement property

As most of you know, the CARES Act has been all over the news for the past couple of months, primarily as it relates to government stimulus checks and of course the Paycheck Protection Program, the intricacies of which are still being navigated by borrowers and their tax advisors. One of the more important and …

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PPP loan forgiveness application now available

The SBA released a PPP loan forgiveness application on Friday, May 15th along with instructions on completing the form. The application does provide some clearer guidance on some unanswered questions that people have been struggling with since the program started. There is clarity on how to calculate FTE (full time equivalent) employees, how to calculate …

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Should I be outsourcing my restaurant accounting services?

Restaurant owners wear a lot of different hats in the course of running a business. Unfortunately, accounting-related duties can easily fall by the wayside when you are being pulled in so many different directions. It often comes up at inopportune times, like when you need to better understand cash flows or get ready for tax …

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New revenue recognition standard: accounting for gift cards

Gift cards are a great way to attract new customers, increase your Company’s brand awareness and improve sales. Many gift cards are used in more than one visit by the consumer, and some gift cards never get used. Admit it, you have an un-used gift card hanging out in a drawer at home. So, how …

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